Sep 20 2009, 12:09 PM
QUOTE(awiekupo @ Sep 18 2009, 09:42 AM)
I just got a baby last 2 months and we have accumulated some cash that were given to the baby. Unfortunately I'm not too sure what is the best way to maximize the profit for her future (education & etc). Some said I should join unit trust and some even advise me to buy a gold.. but can anyone help me with this? Since there are too many banks around and I'm not really good when it come to financial mgmt.
QUOTE(awiekupo @ Sep 18 2009, 10:06 AM)
Basically I just need something to maximize the profit without any attachment to a policy or whatsoever.. Something that can be withdraw anytime for her needs and not necessarily have to wait till she ready to go to the univ (Assuming that she does get accepted in the uni later..b ut that one is diff story)
House or other property is a bit too high for me.. Besides, I'm just planning to add few hundreds on monthly basis into her saving.. or is there any other way around to get a property with this kind of funding?
House or other property is a bit too high for me.. Besides, I'm just planning to add few hundreds on monthly basis into her saving.. or is there any other way around to get a property with this kind of funding?
QUOTE(dreamer101 @ Sep 18 2009, 10:13 AM)
1) Money is money. So, why do you separate one savings from another?? It is ALL the same.
QUOTE(awiekupo @ Sep 18 2009, 10:17 AM)
1) cannot lah bro.. that money had been entrusted to baby.. u know.. like yr friend or family gave to the baby.. So cant really touch that one.. have to keep for her.. hehee..
Firstly, congratulations on being a father.Glad to know you planning for you child future. After reading your posts, I would like to comment as follows:
1. Differentiate between your baby's money and yours. Money given by you or others over the years to your baby's is her money. My suggestion is just go put the sum accumulated up to date into FD with her name (i.e. Joint) and whatever money she receives into a Child Savings Account (eg. HLB where the interest is higher than normal savings account) and then top up into the FD yearly.
2. Your own money you invest in whatever instrument with the intention to use it for her future needs is yours. In this senario I agree with Dreamer. Please note that all investment have risks.
3. You want maximum profit, go start reading investment books and read the threads in this section (on insurance, gold, unit trusts, FD, FOREX etc) and the stocks/share market section (on dividen paying stocks. etc). Property is not liquid and does not fit into criteria stated by you.
QUOTE(xuzen @ Sep 18 2009, 01:41 PM)
i) My wife and I both opened a SSPN a/c RM 3Kx2 p.a. mainly for tax benefit. By the time my kid reach IPT level, it should have abt RM 100K, ready cash
ii) Bought a Med Card (very important, you will definitely need it, cost of paying hospital bill is more than annual premium of the card, this I guarantee)
iii) Bought a Investment Link Life Assurance with Critical Illness Rider under my kid's name. I selected aggressive fund to maximize the rtn. Should have abt RM 60K Cash value by the time my kid reach IPT level.
iv) Continue to invest in equities on my own.
v) Withdraw from KWSP a/c 2 if there is any shortfall in the future.
vi) Avoid unnecessary big ticket spending. Bye bye to LV bags, no more Dunhill wallet or Tag Hauer watches or Starbucks... hello kopitiam.
xuzen, I must thank you for posting above, especially the SSPN RM3K tax deductable, never occurred to me when I filled my Borang B this year. Going to open an account before year end and get tax rebate. Just to add, your Med-Card for your child is Edu Plan? Can get tax-rebate too for Edu Plan.ii) Bought a Med Card (very important, you will definitely need it, cost of paying hospital bill is more than annual premium of the card, this I guarantee)
iii) Bought a Investment Link Life Assurance with Critical Illness Rider under my kid's name. I selected aggressive fund to maximize the rtn. Should have abt RM 60K Cash value by the time my kid reach IPT level.
iv) Continue to invest in equities on my own.
v) Withdraw from KWSP a/c 2 if there is any shortfall in the future.
vi) Avoid unnecessary big ticket spending. Bye bye to LV bags, no more Dunhill wallet or Tag Hauer watches or Starbucks... hello kopitiam.
Haha, for LV, Sg. Wang got alot cheap cheap and nowadays kopitiam also got free wi-fi
This post has been edited by Gen-X: Sep 20 2009, 12:10 PM
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